Today after the closing bell, REE International, Inc., a U.S. based mineral exploration company focused on the exploration and production of rare earth elements, announced they are in the final stages of negotiating their first sale of tantalum mined from their Santa Cruz property located in Venezuela. It is anticipated that the order will be finalized within the next 30-60 days.
Tom Mackay, CEO of REE International, stated, “This order is expected to be the first of several significant orders from the same purchaser. Further details are expected to be announced once the order is finalized, including the purchaser and revenues generated from the deal. Although there is no spot market for tantalum, recent sales of the metal with South American origin have netted prices between $90 and $130 per pound.”
The rare metals produced by REE International’s mining operations are critical to many existing and emerging applications, including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; various high-tech uses, such as fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies imperative to the future.
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